| In real estate transactions, there needs
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| | Closing date
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| to be a way for the buyer to guarantee
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| | If there is an earnest money deposit, the
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| that the seller will indeed pay the funds
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| | escrow agent will place it into a
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| agreed upon. Similarly, the buyer needs a
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| | separate escrow account. The agent will
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| way to guarantee that, once his or her
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| | then order a title search. In addition to
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| deposit is paid, the seller will hand
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| | you and the buyer, the lender will
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| over the deed or title to the property.
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| | receive a report of this information. Any
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| This is where escrow comes into play.
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| | loan and interest fees charged by the
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| What is Escrow?
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| | lender will be included in the escrow
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| As a for sale by owner home seller, you
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| | instructions.
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| are responsible for setting up, or
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| | Choosing an Escrow Agent
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| opening, the escrow account. The escrow
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| | When you are choosing an escrow agent,
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| agent will be a third-party who is
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| | there are several factors that you should
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| responsible for holding the title or deed
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| | take into consideration. If you are
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| to the property as well as earnest
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| | working with a real estate attorney, he
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| deposits made on behalf of the buyer. The
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| | or she might be able to act as the escrow
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| purpose of an escrow is to hold legal
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| | agent as well. In any case, here are some
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| documents and money until certain
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| | tips on choosing an escrow agent.
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| conditions, agreed by you and the buyer.
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| | Choose a reputable escrow agent or
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| The escrow agent will hold money and
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| | company. Friends or family who have
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| property ownership until these conditions
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| | recently sold property are good places to
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| have been met.
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| | get recommendations for an escrow agent.
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| In many for sale by owner transactions,
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| | Ask the references about their experience
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| both the seller and the buyer open escrow
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| | with the agent. Did he return phone calls
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| accounts. There is no standard way of one
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| | in a timely manner? Was he courteous and
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| or the other. Rather, it depends on what
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| | professional? Was he knowledgeable?
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| you and the buyer agree.
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| | Choose an escrow that has experience in
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| To process your escrow instructions
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| | for sale by owner housing transactions.
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| accordingly, the escrow agent might ask
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| | It is best to choose an escrow that has
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| you for several pieces of information.
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| | previously worked in a transaction in
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| You might not have all the information
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| | which the seller did not work with a real
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| available immediately, but you should get
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| | estate agent.
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| it to the escrow agent as soon as
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| | Choose an escrow with reasonable rates.
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| possible. This information includes, but
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| | Since rates vary from one company to the
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| is not limited, to the following:
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| | next, it is a good practice top shop
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| Your (the seller) name and address
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| | around to get an idea of the rates that
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| Buyers name and address
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| | are available.
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| Purchase agreement
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| | After talking with several escrow agents
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| Amount of deposit
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| | and getting a feel for their
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| Buyers insurance agent
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| | professionalism, experience, and rates,
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| Lenders or other financing partys
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| | you are prepared to make an educated
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| information
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| | decision.
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| Termite report information
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